Increased Capacity Pushes Dynagas LNG Profit

The Athens-based owner and operator of LNG carriers Dynagas LNG Partners (DLNG) reported USD 15.3 million net income for the quarter ended December 31, 2014, a 39.1% increase compared to USD 11 million the NYSE-listed operator earned in the same quarter the year earlier.

Strong fourth quarter results pushed the company’s overall annual profit to USD 50.6 million, USD 4.9 million or 10.8% more than recorded in 2013.

Tony Lauritzen, Chief Executive Officer of the DLNG, said that the fourth quarter and full year results were positively affected by the purchase of the 2013-built, 155,000 cbm Yenisei River, as well as a 100% fleet utilization throughout the 2014.

“During 2014, we increased the size of our fleet by approximately 69% on a cubic meter capacity basis. With our fleet fully contracted through 2016, we intend to continue to focus our attention on further fleet growth, contract coverage and safe and efficient operations,” Lauritzen said.

”The fleet of five LNG carriers currently owned by our Sponsor (Dynagas Holding) that we have the right to acquire provides us with an identified opportunity for growth. Beyond this we believe our Sponsor will continue its further commitment to the industry by ordering further LNG Carriers and/or other LNG infrastructure assets.”